# The Finance Act, 1976, Section 11: Amendment of section 47

- Act: The Finance Act, 1976 (Act 66 of 1976)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1976/section/11/

## Text

Amendment of section 47 11. In section, 47 of the Income-tax Act, after clause (viii), the following clause shall be inserted with effect from the 1st day of April, 1977, namely:— '(ix) any transfer of a capital asset, being any, work of art, archaeological, scientific or art collection, book, manuscript, drawing, painting, photograph or print, to the Government or a University or the National Museum, National Art Gallery, National Archives or any such other public museum or institution as may be notified by the Central Government in the Official Gazette to be of national importance or to be of renown throughout any State or States. Explanation.— For the purposes of this clause, "University" means a University established or incorporated by or under a Central, State or Provincial Act and includes an institution declared under section 3 of the University Grants Commission Act, 1956 (3 of 1956) to be a University for the purposes of that Act. [Finance Act, 1976] © Copyright. Taxmann Publications Pvt. Ltd.

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